As the Philippines awaits the ratification of the free trade agreement (FTA) with South Korea, the Board of Investments (BOI) and Shinhan Bank Co. Ltd. (SHB), a leading South Korean commercial bank, signed a memorandum of understanding (MOU) to cooperate in attracting more Korean investors to the country.
Trade Undersecretary and BOI managing head, Ceferino Rodolfo and SHB head of Global Business Promotion Division, Jang Seongeun, led the ceremonial signing of the MOU for Cooperation on the Promotion of Investments at the BOI head office in Makati City on August 29.
Jang said Korean companies are actively seeking opportunities to advance into the Southeast Asian markets and have identified the Philippines as one of the most attractive destinations.
He said Shinhan Bank has a strong commitment to providing tailored financial solutions and local market insights to Korean companies ensuring their successful expansion into the Philippine market.
Rodolfo said the BOI has been keenly promoting the country to South Korean investors in priority sectors such as renewable energy, critical minerals processing and electric vehicle and battery manufacturing, given the complementarity of each other’s strength
the Philippines with its sizeable resources of critical minerals such as nickel, cobalt, and copper; and South Korea with its global competitiveness and expertise in downstream industries.
Rodolfo said Korean companies may also look into opportunities in the Philippines in high-technology agriculture as well as in semiconductors and electronics and advanced manufacturing.
The Philippines-South Korea FTA was signed last year and is awaiting for ratification.
SHB is BOI’s first partner bank in South Korea.
SHB, a subsidiary of Shinhan Financial Group Co. Ltd., offers a wide range of retail and commercial banking services, as well as other related financial services. The SHB Manila Branc was established in 2015
Meanwhile, BOI also signed an MOU with BDO Uniban, Inc. on September 3, 2024 at the BDO head office in Makati City, geared towards promoting more investments into the Philippines.
The signing ceremony was led by Rodolfo and BDO Unibank executive vice president and Institutional Banking Group head Charles Rodriguez.
The MOU provides BOI and BDO will jointly conduct investment seminars, promotion missions, and business matching activities.
